LONG TERM FINANCIAL GOALS

 MONEY MANGEMENT

PART– 3 LONG TERM FINANCIAL GOALS

One helpful preliminary point is to break down your long term financial goals into smaller, more controllable steps.  A financial goal is a objective that guides your decision, involving saving, expenditure, earning or investing.
Financial security doesn't happen by chance, it requires planning. Planning is continuous process & by setting SMART goal you can achieve financial security & success. Knowing how to set and revisit your financial goals is key to building the wealth you need to realize your future dreams.  Your way to setting long-term financial goals can straightly affect the chances of accomplishing them. Whether it’s having a stress-free retirement or building financial independence to chase a new passion, it all begins with goal setting. Let us clearly define long-term financial goals and give solid examples of how to set and accomplish them.

Long-term financial goals are the targets you set to improve your finances over time, cover future expenses, or replace an income stream. No exact time range defines a long-term goal from a short-term one, and the answer might change depending on who you ask. However, a general rule for long-term goals could be anything that typically takes you five years or longer to accomplish. There is no universally accepted time frame that clearly distinguishes long term goals from short term one

How to start setting Long Term Goals 
The SMART method is one way to set financial goals. To monitor your progress, make sure your goal is both specific and measurable. Make sure it's time-based with a defined deadline, relevant to your priorities in life, and achievable given your financial situation. If you want to retire, for instance, figure out how much you must save annually to reach your goal by a specific age.
Decide on a date to reach your long-term financial objectives.
Financial goals should be SMART—specific, measurable, achievable, relevant, and time-bound—just like any other. Keeping in mind the time-bound component, it's critical to establish a deadline for completing a specific task.
Due to their nature, some of your long-term financial objectives will have set deadlines.
Other long-term financial objectives, however, may have a more flexible deadline for completion. For example, people's retirement objectives can differ significantly from one another.

Plan out time to evaluate your long term financial Objectives
Along with intermediate objectives, you should plan time to assess your financial situation and track your progress toward particular goals. The timeframe for your goal will probably determine how frequently you review. In many situations, it may be best to conduct an annual or quarterly review to ensure that you don't lose accountability.
These reviews are also useful for assessing whether continuing with the long-term financial goal will be beneficial or not. A goal's overall value can be significantly impacted by changes in your life, and it might make sense to change or stop pursuing it. For instance, you might be able to reduce the amount of time required to pay off a debt if you receive a raise or bonus at work.

Understand How Your Short-Term Financial Decisions Will Affect Your Long-Term Results
Every day will provide both possibilities and obstacles to achieving your long-term financial objectives as you move through life. Both directly and indirectly, your short-term financial choices will affect your long-term objectives. As you strive towards your objectives, it's critical to think about how you spend and distribute your financial resources. Although connected, this has more to do with being financially literate and goes beyond the decision to get coffee in the morning on your way to work. 

Create shield for Long-Term Financial Goals in Case of Emergency
Protect your long-term financial goals by planning for emergencies with safeguards like life or disability insurance and an estate plan that includes a will or trust.
Seeking the help of a wealth counselor is another way to safeguard the long-term financial objectives you establish.

Wrapping  Up
Long-term financial goals usually take more than five years to accomplish
 Long-term financial goals vary depending on your income and other financial responsibility.
Put target dates for accomplishment  of the long-term financial goals
Plan a regular review of your financial goals to stay liable and work out any changes you need to make.
Appoint a wealth advisor to offer an objective outlook in setting your long-term financial goals and strategizing how finest to achieve them.

The Bottom Line

Consistent effort, adaptability is necessary to reach your objectives.
Your objectives will need to change as you deal with obstacles as life is unpredictable.
Whether your goal is to pay off debt, save for emergencies, or prepare for retirement, it's critical to stay on course and review your progress every year.